External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Torrent Pharmaceuticals / Equity Bottom-Up

<ul><li>Torrent Pharma (TRP) is set to acquire Curatio Healthcare (Curatio) for enterprise value of INR19b.</li><li>While the acquisition will help with the company’s portfolio expansion and widen its reach to dermatologists/paediatricians, the deal valuation is expensive at 6.8x EV/ FY23 sales, 22.4x EV/FY23 EBITDA basis.</li><li>We reduce our EPS estimate by 2% for FY24 to factor in the Curatio acquisition.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Torrent Pharma (TRP) is set to acquire Curatio Healthcare (Curatio) for enterprise value of INR19b.While the acquisition will help with the company’s portfolio expansion and widen its reach to dermatologists/paediatricians, the deal valuation is expensive at 6.8x EV/ FY23 sales, 22.4x EV/FY23 EBITDA basis.We reduce our EPS estimate by 2% for FY24 to factor in the Curatio acquisition.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Torrent Pharma  - Curatio Acquisition Strengthens Derma Portfolio

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>The company is set to acquire 100% of Curatio Healthcare for | 2000 crore. The consideration includes | 115 crore of cash and cash equivalents in the acquired business indicating an enterprise value of | 1,885 crore</li><li>Curatio has a strong presence in the cosmetic dermatology segment with a portfolio of over 50 brands, marketed in India.</li><li>Top 10 brands of Curatio account for ~75% of total revenue. With this deal, Torrent Pharma will enter the league of top 10 players in the dermatology segment and will be the leader in the cosmetic dermatology space</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

The company is set to acquire 100% of Curatio Healthcare for | 2000 crore. The consideration includes | 115 crore of cash and cash equivalents in the acquired business indicating an enterprise value of | 1,885 croreCuratio has a strong presence in the cosmetic dermatology segment with a portfolio of over 50 brands, marketed in India.Top 10 brands of Curatio account for ~75% of total revenue. With this deal, Torrent Pharma will enter the league of top 10 players in the dermatology segment and will be the leader in the cosmetic dermatology spaceContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Torrent Pharmaceuticals - Curatio Acquisition to Strengthen Branded Portfolio...

Torrent Pharma - Curatio Acquisition Strengthens Derma Portfolio

<p>TRP's 3QFY22 performance missed our estimate. The US Generics business remains the major drag on overall performance, with a lack of new approvals and a steep price erosion in the base business. Domestic Formulation (DF) remains in good stead, with healthy better-than-industry performance. The management intends to add medical representatives (MRs) to further strengthen the growth outlook in the DF segment.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

TRP's 3QFY22 performance missed our estimate. The US Generics business remains the major drag on overall performance, with a lack of new approvals and a steep price erosion in the base business. Domestic Formulation (DF) remains in good stead, with healthy better-than-industry performance. The management intends to add medical representatives (MRs) to further strengthen the growth outlook in the DF segment.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

US drags 3QFY22 earnings; inspections key to a revival

<ul><li>Incorporated in 1959, Torrent has a strong presence in domestic and semi-regulated markets and a growing presence in regulated markets.</li><li>Revenues – India including CRAMs (53%), Brazil (8%), US (16%) and Germany (13%)</li><li>Target Price and Valuation: We value Torrent at Rs 3235 i.e. 28x P/E on FY24E EPS of Rs 115.5</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Incorporated in 1959, Torrent has a strong presence in domestic and semi-regulated markets and a growing presence in regulated markets.Revenues – India including CRAMs (53%), Brazil (8%), US (16%) and Germany (13%)Target Price and Valuation: We value Torrent at Rs 3235 i.e. 28x P/E on FY24E EPS of Rs 115.5Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Torrent Pharmaceuticals: Branded Business Solid but Generics Stumble

India

Torrent Pharmaceuticals Ltd. manufactures bulk drugs and pharmaceutical formulations. The Company's formulations include cardio-vascular, psychotropic and anti-biotic drugs while its bulk drugs include atenolol, ciprofloxacin and norfloxacin. Torrent Pharmaceuticals has wholly owned subsidiaries in several regulated and less regulated international markets.

Torrent Pharmaceuticals (TRP IN)

Torrent Pharma - Curatio Acquisition Strengthens Derma Portfolio

While the acquisition will help with the company’s portfolio expansion and widen its reach to dermatologists/paediatricians, the deal valuation is...

Motilal Oswal

Torrent Pharmaceuticals - Curatio Acquisition to Strengthen Branded Portfolio...

Curatio has a strong presence in the cosmetic dermatology segment with a portfolio of over 50 brands, marketed in India.

ICICI Securities Limited

Torrent Pharma - Curatio Acquisition Strengthens Derma Portfolio

While the acquisition will help with the company’s portfolio expansion and widen its reach to dermatologists/paediatricians, the deal valuation is...

Motilal Oswal

US drags 3QFY22 earnings; inspections key to a revival

TRP's 3QFY22 performance missed our estimate. The US Generics business remains the major drag on overall performance, with a lack of new...

Motilal Oswal

Torrent Pharmaceuticals: Branded Business Solid but Generics Stumble

Incorporated in 1959, Torrent has a strong presence in domestic and semi-regulated markets and a growing presence in regulated markets.

ICICI Securities Limited

Torrent Pharma - Curatio Acquisition Strengthens Derma Portfolio

While the acquisition will help with the company’s portfolio expansion and widen its reach to dermatologists/paediatricians, the deal valuation is...

Motilal Oswal

Torrent Pharmaceuticals - Curatio Acquisition to Strengthen Branded Portfolio...

Curatio has a strong presence in the cosmetic dermatology segment with a portfolio of over 50 brands, marketed in India.

ICICI Securities Limited

Torrent Pharma - Curatio Acquisition Strengthens Derma Portfolio

While the acquisition will help with the company’s portfolio expansion and widen its reach to dermatologists/paediatricians, the deal valuation is...

Motilal Oswal

US drags 3QFY22 earnings; inspections key to a revival

TRP&#x27;s 3QFY22 performance missed our estimate. The US Generics business remains the major drag on overall performance, with a lack of new...

Motilal Oswal

Torrent Pharmaceuticals: Branded Business Solid but Generics Stumble

Incorporated in 1959, Torrent has a strong presence in domestic and semi-regulated markets and a growing presence in regulated markets.

ICICI Securities Limited

TRP's 3QFY22 performance missed our estimate. The US Generics business remains the major drag on overall performance, with a lack of new...